Subject: WB: Portugal gives $50 million

April 10, 2000 WORLD BANK

Portugal and the World Bank sign contribution agreement for East Timor

DILI, EAST TIMOR

A contribution agreement for US$ 50 million over four years to the Trust Fund for East Timor (TFET) was signed today by Luis Amado, Secretary of State for Foreign Affairs and Cooperation of the Republic of Portugal, and Jemal-ud-din Kassum, World Bank Vice President for East Asia and the Pacific Region. Kassum signed the agreement at World Bank headquarters in Washington.

This important contribution agreement will allow for the immediate implementation of the TFET Small Enterprise Project. The grant supports key objectives for East Timor in the transitional period; in particular, the creation of jobs in the private sector through provision of loans to East Timorese enterprises. The project, with an initial agreement of US$ 4.8 million, is being executed by the Banco Nacional Ultramarino. The Portuguese contribution to the Trust Fund will also allow critical projects in education, roads, and power to go forward on schedule.

CONTACT: Peter Stephens Tel: +1 202 458 2281 e-mail: pstephens1@worldbank.org

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